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the fiscal cliff, through the u.s. economy back into recession. it and recover from that until world war ii. host: a point from it. you can join the conversation on our twitter page. you can also send us an e-mail. we welcome your comments and phone calls. frank is joining us from new jersey. independent line. caller: it seems you guys are throwing around a lot of rhetoric. this is all we hear. look at what is happening in the united states as far as wages and productivity. it is a lopsided picture. productivity has gone up, wages have gone down, since 1973 until now. wages have only gone up 10.7%. we lost somewhere around 7% over the last years in wages. pensions are down. they were cut in half in the last 20 years. we are living in an economy based in the 1970's but we have taxes based on some idiotic profile that does not work. in the 1950's and 1960 pause when the taxes were highest, manufacturing grew and grew. we get to reagan, we lower the taxes, and everything goes down the tubes, for 30 years. not taxing the rich, who by the way, when everyone was losing money, they were making all
of that fiscal cliff to a gentle, let's say, bunny slope. we have a fragile economy, but it's accelerating and it's predicted as this year to grow. it grew at 2% to goh at 3% or more this coming year so you want this skier, so to speak to go down the slope and pick up speed so when you do come to the grand bargain that has $3 trillion of debt reduction. all they've got to do is shoulder 1 billion, changing the scale and put the rest of that in the following nine years and that's something that they'll come up with. >> where do they find it? there are various places, and just that, there's $118 billion if you didn't do the payroll tax extension holiday and if you didn't do that at $250,000, that's almost the same equivalent amount or if you wanted to step back and say hey, let's make sure that these defensive, domestic sequestration cuts of $100 billion and half of that and you can take smalles poohes of that and come up to $100 million and know that it will grow close to 3%. that's the key, and that's why they're behind closed doors today. coming up with that, you don't have to have it done by ja
the response is out of washington with the fiscal cliff it is going to slow the economy next year. raising of taxes, cutting down of government spending will decrease economic growth, gdp growth which calculations -- shibani: we're predicting a slowdown but predicting a rise in currency in u.s. dollar. how does that -- >> good question. for safety. the bond market everyone is bearish on the bond market because interest rates should go up but in all reality the commercials have positioned themselves for short-term move down which we had. going back to neutral again and the open interest which is how many contracts are exposed to this trend or hedge are at the lowest level in years. usually you will get higher open interest of the market is going to move in the direction lower and the bond market is signaling that things are not going to be worked out and the economy will slow down the u.s. currency strengthens when there is nervousness around world which relates to the stock market going down. byy the fiscal cliff, the debt ceiling -- shibani: the fiscal cliff -- >> cash is king. next you m
deal that addresses only the major parts of the fiscal cliff from taking effect. >> we have got to get on a larger agreement, to make sure we sustained a very fragile economy, tried to get it to move faster, and deal with the long- term deficit. >> those decisions may not happen until 2013. a smaller deal would be temporary, sending congress back to work on the details next year. >> i am not ok with them waiting six months or year kick to get things done. >> jake sherman of "politico" predicts that we will go over the cliff. >> we will not see the government shut down our people not be able to pull money out of banks are things like that. >> still a tough sell for constituency growing tired of the political back-and-forth. >> let's get some things set in place and up and running. >> 1 line of thinking on the hill -- there are many -- if we do go over the cliff that would reset all of the tax issues suchissues. what we do know, the clock is ticking and the waiting game continues, with the house not even scheduled to be in session until sunday afternoon. live of the capitol, steve chenev
our economy back into the recession if we go over the fiscal cliff. >> but ali, neither side is budging much. you have been reporting on it for the last couple of hours. friday though, president obama said that he was optimistic that the two sides could reach a deal. this morning, he sounded less positive though. >> if, you know, if people start seeing that on january 1st, this problem still has not been solved, that we haven't seen the kind of deficit reduction that we could have had, had the republicans been willing to take the deal they gave them, and if they say that people's taxes have gone up which means consumer spending will go down. >> and keep in mind that the senate is the first hurdle. any deal has to pass the house. we are not into the senate yet and the republican speaker john boehner plablamed the crisis one president saying he the one who has never found a way to say yes. >> so you are in new york and i'm in atlanta, and we get to washington now, because the senior congressional correspondent dana bash is closely following the negotiations from capitol hill, a
, but the republicans win because the economy is going to go out yet another fiscal cliff. george w. bush is not the president. obama is the president, he is not putting forth proposals to work with republicans. he will have to take ownership of this. they need to come up with a cohesive message about real economic growth and shrinking the size of government. they don't have a message and that is going to be the big question about who wins and long-run. jon: if we go over the cliff, i mean, everyone's paycheck, just about -- come january 1, it will be shrunk because government is going to be taking a much bigger chunk out of it. that will infuriate people. are they going to be blaming president obama? >> well, they won't be blaming president obama because polls show that they are blaming republicans. republicans are not really coming to the table. we had an election, and we had an election where voters clearly supported the president. jon: he got 50.96% of the population. >> he got over 300 electoral votes. romney only have one battleground state. tons of senate victories, again in the ho
the fact that if we go over this fiscal cliff, the press to deal economy, just barely recovering, is very strong. the risk to people is as though they are playing tug of war with the american economy and a country that's going to get hurt. beyond that, as soon as we get through to the fiscal cliff with sensible policies, but also replacing it with sensible ways to deal with the fiscal charges of the debt, it looks as though we're not going to be able to do anything to tackle those challenges right now and that is a partisan environment in washington getting worse and worse leaving us with questions about whether these guys are actually able to govern. host: that is what is written about on the front page of "the new york times" this morning. guest: i feel like we're watching a game of a finger pointing. there is little discussion of actual public policy, but both sides are shouting louder and louder that it is the other sides fault, pointing fingers. what if any other business environment work this way? both sides tried to cast blame instead of working together? at this point, the level o
on the horizon. right now, the country's attention and that of the media is on the fiscal cliff, and i understand that. economy of the nation and the world may be at stake here. i think that sooner or later, there will be some kind of an agreement. will we are talking about here is a fundamental change in the ruling, the possibility of a fundamental change in the way the senate does business peeping basically changing the rules of the senate from either 60 votes, sometimes 67, to 51 votes, which would make as no different than -- make us no different than the house of representatives, and of course would reduce us in many respects not to irrelevance in the minority party. here is the problem. on one side, the majority leader and the democrats are frustrated by their inability to move forward with legislation. every time there is an opposition to a motion to proceed, which takes days and then they proceed, and that has made the united states congress -- one of the reasons why the united states congress is judged the least productive congress since the year 1947. so, understandably the majority is
troubles for the u.s. economy if a deal to avert the fiscal cliff cannot be reached. jpmorgan's chief u.s. economist will join us live a little later on to explain the biggest risks in his view now that investors face. we're back in two. >>> if lawmakers fail to create a plan to avoid the fiscal cliff by january 1st, federal work study will be cut by over $76 million. and over 51,000 fewer students would receive aid. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. i'd like to be optimistic. but it looks like they're going to blow. >> the real linchpin is whether john boehner can bring his troops along. that's a real tough one
, the u.s. economy is on the verge of taking off. but the fiscal cliff mess could get in the way. how much could eexpect in 2013 with a deal or without a deal. well, i guess i can double check... my watch! [ male announcer ] it pays to double check, with state farm. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. now through january 2nd, no monthly payments until spring for qualified buyers. get the silverado for 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. >>> welcome back to "your money," we welcome our viewers here in the united states and around the world. breaking news on the fiscal cliff. there's been a significant snag in the negotiations with just fewer than two days remaining to go. about 36 hours remaining on the countdown clock. dana bash is on capitol hill with latest. dana, what have you got? >> this kbifs you a good sense of where things stand. they're at a standstill. you
." thanks for that. coming up next, the u.s. economy is on the verge of taking off but this fiscal cliff mess could get in the way. how much? what can we expect in 2013 with or without a deal? aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. it's lots of things. all waking up. ♪ becoming part of the global phenomenon we call the internet of everything. ♪ trees will talk to networks will talk to scientists about climate change. cars will talk to road sensors will talk to stoplights about traffic efficiency. the ambulance will talk to patient records will talk to doctors about saving lives. it's going to be amazing. and exciting. and maybe
to that grand bargain that the fiscal cliff, which is part of that $700 billion being pulled out of the economy would have been part of that overall agreement. it's not. this is not kicking the can down the road if and only if they first get the $200 billion, that is all the debt reduction we can afford this coming year and then do the grand bargain and that doesn't have to be completed until near the end of february. that's when we approach the real debt ceiling with the treasury department no longer moving around money. this has to be a one, two step process. if we do not get to the second step, however, you're spot on. this means that our policy makers don't have the political will to do what's right and that is where all credit agencies will downgrade u.s. treasury bonds and that begins the ex-orable slide down to a very sluggish economy and maybe in the longer term losing our superstar economic status. >> not to mention all this time we'll be spending on this as time that is going to be taken away from other pressing things that need to get done by the congress in this new session. thank y
-minute agreement, none will see the picket signs sunday. >> economist worried if we do go off the fiscal cliff, it's now averted strike would have combined for a deadly one-two punch to the u.s. economy. now the overall deal is at 100% signed off on by februar february 6, then we are right back to where we were this morning and again the national retail federation and the florida governor rick scott will be urging president obama to prevent a strike invoking the tap partly act and something not done since president george w. bush did it in 2002. back to you. >> doug: phil keating in miami. the so-called milk cliff that would also kick in to effect the lawmakers can't avoid the fiscal cliff they be averted now. hill source tells fox news and the senate agriculture leaders working on a year long extension of all farm programs. the source noted that the truman era law is so old it would take weeks to implement. even if the old law expires don't expect immediate spike if milk prices. >>> congress is still working to find agreement on the $60.4 billion emergency spending bill for hurricane sandy victim
about the economy even if you take the fiscal cliff off the table. the suggestion was actually that coming into this we're actually in a much better position given the housing situation, given some of the new energy things that are going on, that maybe all of this doom and gloom is unfounded. fair? unfair? >> fair. undoubtedly we're in a better position today than we were a year ago. the housing market has healed. companies, especially the big companies, are doing great. they have lots of cash, and consumer household balances are improving. so undoubtedly, the economy is healing slowly. but it's not healing at a critical mass. so unless government sorts out the headwinds, unless government corrects market failures and public goods issues, we're not going to have enough critical mass to get into higher growth, lower unemployment, and better income equality. that's the issue. >> that's the issue now. but mohamed, just going back and trying to figure out why the market hasn't reacted more strongly do this you think it's more of a bet on the fed than on the idea that we do see some
of their facilities. >> thank you, barbara starr at the pentagon. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. ve, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ...but he'd wait for her forever, for any reason, and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. i have a cold, and i
debt ceiling. you think the fiscal cliff thing is bad for the economy. you wait and see if they can't get the debt ceiling worked out. >> right. it's one thing to go over the fiscal cliff. that would be bad. we don't want to it happen. a recession may happen. it would be unfortunate. it's different than the u.s. defaulting on the debt. you know, we saw that back in august, 2011, we saw the downgrade of the credit rating. just by having the threat of not approving the debt ceiling increase and the possibility of default. it comes around again at the end of february, beginning of march. it's a time when there's a deal. if the deal does not include the debt ceiling, more damaging effects on the confidence. >> here we go again. neil irwin, it's good. economic editor. three ways they can mess this thing up next year. thank you so much. we'll talk to you again soon. we are 20 minutes to the top of the hour now. there have been major setbacks in the deal talks. we are just getting this news, a major setback in negotiations over a fiscal cliff deal. senator reid, according to democratic sou
the democratic controlled senate to lead our economy to the edge of the fiscal cliff. congress people from both parties are searching for a bipartisan solution. that is the leadership that america needs, not what we saw from the president this morning ." those of the comments from speaker boehner. the house has gaveled out. we expect them back in about two hours. let's go to newbury port. caller: thank you for c-span. i do not understand where this $250,000 number comes from. i am 70 and have never been asked to make a sacrifice by any congress. it just seems to me that if the average income in most states -- to ask people making $125,000 or more, to ask them to contribute more, that seems to be a no- brainer. i do not see why people in this country are not ready to make a compromise. let's face it, we will either all have to pay slightly more taxes and accept the fact that our benefits are going to have to be lower than they really are -- i am in that bracket of $125,000 to $250,000. i am very comfortable, i could contribute more to the deficit, i just want to make sure that that money goes to
about on the rise and a sales surge. we have retail and economy news. everyone talking about fiscal cliff, taxes going up. a little detail not many people talking about, but will get their attention if you say your milk prices could double, triple? >> got milk, t.j.? talking about the dairy cliff. and the conchalgressional agricultural committee will come together. the price of milk will increase. right now, a gallon of milk about $3.50. set to go up to -- get this. $8 by january. if this new man isn't implemented. part of the talks that's going on with the president. they hope this will move forward. nobody wants the price of milk to be drink up. >> farm bill, it maybe goes over their heads. but i tell somebody that $8 for a gallon, they pay attention. >> this is a farm bill they really want to concentrate on. who wants to pay $8 a gallon for milk. >> this isn't the only thing that could shoot up. >> right. we're also talking about grocery prices too. about 12 different items will go up in 2013. some of the main ones, fwrogroc prices up 4%. the reason why, remember the drought that
that happens with the fiscal cliff. >> who gets us through that? anyone left? >> well, your guess is as good as mine. white house people say that obama refuses to negotiate and he believes that the public is behind him, but it is not a compelling argument no the house republica republican, and that is the huge danger that people are focusing on which is the debt limit, because it is not part of the discussions, and that means we will go through it again in 60 or 90 days. >> thank you, josh green from bloomberg business. that is "hardball" for now, and coming up next is "your business" with jj ramberg. that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. see what's new from campbell's. progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? ye
the uncertainty the fiscal cliff has wrought in the economy. here's an interesting comment from senator tim johnson, your colleague, a democrat. sometimes all the market takes is to make them see the light. that is via politico. if you don't get a deal and the markets are closed tomorrow, and you open to a couple of really big down days, is that all it takes to strike a deal? >> i hope not. hopefully congress has learned what failure to strike a deal can mean to the american economy. >> is that thought still fresh? >> it's fresh in our mind. i remember the deal we had to pass on t.a.r.p. to help our financial markets. i don't want to revisit that again. >> we've heard all kinds of stuff this morning. as you noi, senator, you probably hear this from your constituents, they're so disinterested in the process, they're so disinterested in the sausage being made. what they want to know if that there are like minded, good, smart people in that congress we're looking at right now who all have phones and blackberrys and actually work in the same building. is there enough good will to ensure that a
it allows our country to go over the fiscal cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surprise to us. it's not as if, if i could use the metaphor, that congress was going along in a bus and -- on a ride through the country and suddenly came to the end of the road and there was a cliff. this shouldn't be a surprise to us. we -- we -- we created this cliff ourselves a year and a half ago when we adopted the budget control act. and we created it for a very good reason: because we knew that we had proven ourselves incapable of making the compromises that were necessary to achieve the long-term bipartisan debt-reduction program that america desperately needs. we're over $16.4 trillion in debt. i'm in my last days as a u.s. senator. if you'd told me when i started that we'd be $16 trillion in debt, i wouldn't have believed it. frankly, if you told me just a dozen years ago at the end of the clinton administration when we were in surplus that we could possibly be $16 trillion in de debt, i would have thought -- well, i
is that the fiscal cliff is a way that we would put a ton of economic damage in the economy and a lot of uncertainty about whether washington can govern. but just as important or using that fiscal cliff and not going over it and using that moment to put that bigger debt deal that you were talking about into place and it seems that policymakers who all know we need to do it with both the spending, and just unwilling to make the hard choices and that will be another december and if we have some kind of bipartisan punt that makes the situation worse, not better and citizens across the country and they shouldn't expect this, and in the long run. >> and it has not been able to come under -- this is what he wrote of you, in part, quote, she, like pretty much all of the deficits go, actually empowers hyperpartisanship by always condemning both sides equally no matter who is, and in practice, these days that almost always means making excuses for hard liners and the gop. are you an excusemaker? >> listen, anybody who is a member of congress was elected and sent there. that means that they reflect the voters
the fiscal cliff. think of it as, well this way, our economy is in a car headed toward that cliff and there's a lot of stake, including massive spending cuts and social programs and defense, expiration you the bush era tax cut, increases in other taxes on families like the alternative minimum tax and the expiration of the payroll tax holiday, there's this to think of, for 2 million unemployed worker, the loss of unemployment benefits. we have asked experts to join us for a fiscal cliff roundtable discussion, if you will. ron brownstein is a senior -- cnn senior political analyst and editorial director of the national journal and stephen moore, senior economics writer at the "wall street journal" and is in washington, d.c. first up, ron, will, do you think, these politicians reach a deal or not and why or why not? >> the fiscal cliff was yeelted as a doomsday machine to try to give them more will power to do what they can't do on their own, to reach a deal. the reason all of this was here, incentive to reach a deal, some of your guests pointed out during the day, a lot can go wrong when you
to the congressional budget office, a fall over the fiscal cliff, which would happen at midnight tonight, would shrink the u.s. economy next year by a half a percent. unemployment would rise to 9.1%. the bush-era tax cuts would expire, hiking taxes in every bracket by an average of $3,400. americans making between $40,000 to $50,000 a year would see $1,700 in tax increases. millionaires would pay, on average, another $254,000, or about 11% of their income. 30 million more americans will have to pay the amt, the alternative minimum tax, originally designed to impact high-income earners. the payroll tax holiday which helped workers save about $1,000 a year will also end. tax credits from the 2009 stimulus bill will run out as well as several corporate tax breaks that need to be extended on a regular basis. overall, that is more than $550 billion in tax breaks set to expire. but that's only part of it. there's also a series of spending cuts that will also be triggered by the fiscal cliff. $1.2 trillion in sequestration will kick in beginning january 2nd. next year alone, $109 billion will be slashed. hal
the u.s. economy will go over the fiscal cliff just as we ring in 2013 at midnight. nbc's kristin welker is live at the white house. kristin, let's get to the fiscal cliff in a moment. you've got some breaking news. >> reporter: i do. we have some breaking news on secretary clinton's health. as you know, he was admitted to the hospital due to a clot. of course, she had fainted a couple weeks ago and she's been recovering ever since. i'm going to read you this statement from her doctors. they say this is a clot in the vein that is situated in the space between the brain and the skull behind the right ear. it did not result in a stroke or neurological damage. to help dissolve this clot her medical team began treating the secretary with blood thinners. she will be released once the medication dose has been established in all other aspects of her recovery. the secretary is making excellent progress and we are confident she will make a full recovery. she is in good spirits engaging with her doctors, her family, and her staff. so, again, those are from her doctors who are treating her in new y
. we will get the next report next week for december and we hope the fiscal cliff does not thwart this but the underlying health of the economy is as good as its has been, do you agree, the laugh year or two? >>guest: well, it has been a bad one or two years, so, yes, if you look at it, i agree, it is half full. the glass needs to be a lot more full to keep stocks up at this level. >> we do not want to get ahead of ourselves and i was trying to be bullish on the economy because economists are looking for a downgrade next quarter at 2 percent growth but we have to go back to what happened after tarp, there was so much commotion and people were so concerned about that and the markets sold off and they sold off deeper but came back big. >>guest: over a series of years from 6,000 to 10,000 in the dow over a month and it took several years to get back. we have extended unemployment benefits for yet another year. we are barely bumping across the bottom and the great thing of our stock market we have companies representing america around the world so caterpillar was up big. we do not wan
congress reaches, it will be a big tax cut. but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreemen
is the fiscal cliff impasse. it's a potentially devastating one-two bunch for the u.s. economy. neither the longshore's union or alliance shipping company would allow anyone to speak on camera. but officials knowledgeable of the negotiations say it boils down to one issue. the key sticking point is the payments that the longshore men get for them. they pay royalties for the containers based on their weight but the shipping companies want to freeze those royalty payments for current longshore men and eliminate them for future hires. the longshore men say the royalties are made to make up for automation. but if the shipping companies lockout the longshore men -- >> that would impact more than containers. that would impact all cargos at ports. that would have a much more impactful reaction. $55 billion worth of cargo in an average month this year. candy? >> brian, i have to imagine retail companies and others who want those goods off the ships and in their stores have to be plenty worried. do they have a plan b to move those goods if there's a strike? >> reporter: yes. some of them do. clo
: maria mow lean a thanks. gregg: the fiscal cliff is not the only threat facing the u.s. economy right now. shipments of all kinds could actually be stuck on cargo ships if a longshoreman strike goes ahead as planned. the stakes for the recovery coming up. patti ann: high noon in those fiscal cliff negotiations. >> nothing have move forward in regards to our budget crisis unless speaker boehner and mitch mcconnell will go forward with our plan. speaker boehner is willing to negotiate, we have not heard a word from mitch mcconnell, and nothing is hang. patti ann: chris vanhollen joins us next. pwhrafp [ woman ] ring. ring. progresso. i just finished a bowl of your new light chicken pot pie soup and it's so rich and creamy... is it really 100 calories? let me put you on webcan... ...lean roasted chicken... and a creamy broth mmm i can still see you. [ male announcer ] progresso. you gotta taste this soup. . patti ann: fox news alert, potentially good news for the nation's housing market. pending home sales, which measure homes that are in contract and about to be sold rose 1.7% in novemb
to say yes, the fiscal cliff would be averted, we'd have a good christmas and happy economic fun times for the economy would be right around the corner. they were wrong. >> we are nowhere when it comes to the fiscal cliff talks. let me tell you what's going to happen today. speaker john boehner, the republican speaker, is going to try to pass what he calls his plan b, which would just simply address tax rates for those making a million dollars or more and that's it. >> john boehner walked away from the obama administration's third offer. a giant, giant compromise. so he didn't like it when they led. he didn't like the decision. he decided instead to chart his own course called plan b. plan b was supposed to show president obama that republicans had their own solution and instead of bothering with his offer they would just go ahead and pass their own plan without him. that was the idea, anyway. >> there is breaking news to report tonight out of washington. strange breaking news out of washington. within the last hour republican house speaker john boehner appears to have completely lost
get a plan to deal with taxes, to avoid the fiscal cliff, that's a win for the economy and the american people. >> john, it is joe johns in washington, d.c. we have heard so much about tax increases and how they're going to handle those and not so much about the spending cuts and my question to you is at the end of the day, are we going to end up essentially with some type of a plan that could add to the federal deficit instead of reduce it? >> you noticed that, huh? sequester hasn't really been the topic of much conversation. look, that is still unclear right now. obviously, again, the point of all of this, the reason that over 500 days ago we set the fiscal cliff with regard to the spending cuts and knew the bush tax cuts were expiring ten years ago on this date, that was an impetus to create bargain to deal with deficit and debt. what seems to be coming together now is largely, as you said, a planned focused on taxes. not just the tough tax rates, but the estate tax, the amt, something semi comprehensive. as the president said in his press conference a short while ag
are essentially looking over the abyss of the fiscal cliff, and i know you have said in the past let's just go over the cliff and start from scratch. do you still think that's the way to go? >> i do. actually, i hope they never come to a deal because this is the best deficit reduction package the democrats are ever going to get. but let's look at what really is going to happen here. i would be more surprised if they came to a deal in the next five days than i was by the roberts vote on obama care. there's no way these guys are going to come to a deal, and the reason is this. the president has got the upper hand, and his most important partner is the weakest person in this, which is john boehner. john boehner is on the verge of losing credibility with his caucus. he can't take a deal to his caucus that will pass without the help of nancy pelosi, which will pull the entire deal to the left. so what they have to do is they have to go over the cliff. we're just talking about politics, we're not talking about finances here. they have to go over the cliff. that strengthens boehner's hands because no
about the attack in libya. >> there's going to be a massive fiscal cliff. >> in capitol hill the gridlock that defined the year turned into a stalemate over tax hikes and spending cuts that threatened to flung the economy back into recession. president omaba and john boehner failed to reach a deal before christmas. lawmakers left for the holiday with the country on the edge of the fiscal cliff. danielle nottingham, cbs news washington. >> it was quite a year. we've going to -- we're going to have more reviews in the last hour. at 8:45 we will take a look at the international news stories of 2012. that is going to be on the cb channel 44, cable 12. >>> for the moment let's look ahead. mcathy labs expects hacking to mobile devices to expand. they might that stuff. the company is especially concerned about so-called ransom ware. it's a type of virus that locks up a phone or tablet and threatens to keep it that way until a ransom is paid. other concerns for mobile customers include trojan horse programs to buy apps without user permission and the hacking of digital wallets. a dec
's special coverage of the fiscal cliff talks and that was democratic senator joe manchin of west virginia on the floor of the senate earlier speaking on the state of negotiations. joining me now, congressman tom cole, deputy majority whip in the house of representatives. good to see you, congressman. >> good to see you. >> does joe manchin have a point? >> no, of course not. quite frankly, we've gotten big deals done with the president before. the budget deal in april of 2011, the debt ceiling deal, the free trade agreements, the student loan, the transportation. but the negotiations have always been hard, tough, contention, for two reasons, two sides fundamentally disagree. second, quite honestly, democratic friends particularly the president never gotten serious about spending cuts. if they get all of the revenue they ask for won't come close to dealing with the fiscal issue. >> well, clearly democratic colleagues have a different view of that. let me play what chris van hollen said a short time ago. >> so far, speaker boehner has been held captive and is imcomplicit in many ways with t
if a budget deal is reached in washington. if if the u.s. economy falls off the fiscal cliff, it will have an impact around the world. haus sirken is a partner and fellow of the overseas markets and joins us from chicago. thanks for being with us on this weekend. the idea -- >> great being with you, martin. >> thank you. the idea of the world being affected by the fiscal cliff problem here in america wasn't really lost on the president after his meeting with congressional immediate leaders yesterday. let's listen. >> i'm modestly optimistic that an agreement can be achieved. nobody is going to get 100% what have they want. but let's make sure that middle class families and the american economy and, in fact, the world economy, aren't adversely impacted because people can't do their jobs. >> so that begs the question, hall. how are other countries preparing for this really precarious situation and one in which they really have no control. >> well, martin, there's not much they can do to prepare. what will happen, if the fiscal cliff turns out to take place, is that we'll start to see the eco
with an economy that is struggling possibly even a one-two punch with a fiscal cliff and strike. all this could return 30 days from now. >> indeed. phil, thank %ou. obesity rates in america have been growing quickly and steadily for decades. but finally a sliver of good news about the country's health. the new numbers on your children are next. [ mother ] you can't leave the table till you finish your vegetables. [ clock ticking ] [ male announcer ] there's a better way... v8 v-fusion. vegetable nutrition they need, fruit taste they love. could've had a v8. or...try kids boxes! >>> a potential bright spot is in the battle against childhood obesity. obese rates among young children in low income homes dipped. the rate began dropping 8 or 9 years ago and by 2010 fell below 15%. while the drop was comparatively small, researchers say it's the first study to show it may be on the decline after tripling the last 30 years. with us, doctor kerry peterson. doctor, good to see you. are you encouraged? >> i am. even though it's modest, we're taking a turn in the right direction. it was a large study, loo
cliff is interesting and we will stumble along i assume the economy will stumble along and the government won't bankrupt the country quite yet. i think we will have foreign policy crises with respect to and syria.ghanistan >> chris: iran, a year from now will we be talking about the diplomatic deal palestinianed, the military action taken or the fact that we are still in the same mess. in. >> i think the military action that will have been taken. >> chris: by us or israel? >> don't know. >> chris: that is enough. there you go. >> believe it or not i think campaigning will start again. the election is just oh but another one always about to begin. i think you will see the vice president probably making trips at some point in the first half of the year to places like, iowa, and new hampshire just to pick states at random because he would like to start set setg the stage for winning the nomination in four years. if hillary clinton decides not to run i think the vice president starts off as the favorite in a field that will include several others. joehris: you are saying j
, an active government. remember, the economy was going off a cliff. a real cliff. and not a symbolic fiscal cliff. i mean, but it was a real economic cliff, over which we had no control at all. he took the reins and prevented another great depression. we had a very, very deep recession and we are still in the gravitational pull of that deep recession, but a lot of conservative republicans, many of whom had been elected in 2010, they looked at what president obama had done with regard to the stimulus package, and everything else, and they said, this is simply too much government. we hate government, we don't want government. and we were elected on a very ideological platform of shrinking the federal government. of kind of an anti-government obsession, of the sort that we haven't seen in this country in decades. >> all right. well, we're looking for the isaac newton to free us from that gravitational pull of these republican ideologues. robert reich, thank you so very much. and our sincere apologies to amanda turco of "the huffington post," who was unable to join us due to technical difficult
be cutting spending. whatever deal we get out of all this fiscal cliff madness at the end of the day, is going to be on their terms because of the sequestration they forced from the debt ceiling threat which was irresponsible. the idea in the times today made you think these guys are out of the picture, they have some scuffling at the top. >> what do you make of the article itself? coming at it? do you think they are trying to gin up some kind of -- that is the people who are more interested in seeing this article put forth, they're trying to say the tea party is declining when it's not? >> i think it reflects that shift and the fact that you got more people and more money going into this thing. that's that grass tops part you spoke to. this happens in washington a lot. everyone wants their group to sound as powerful as possible. you wrote the book on hip-hop, with your blessing, i'd like to quote some lines tonight. i'm reminded the blessing's not all the way there. for the audience at home, i'm getting a skeptical look. would you rather be underpaid or overrated? must people would
overshadows what's wrong with washington." now, some could argue if we do get past this fiscal cliff and address the debt ceiling, 2013 could actually be a good year for the economy, the housing market continues to recover. we do see an energy boom, as well, but you know i spoke with robert rubin, as well and i think he summed it up by saying this really was a missed opportunity that we're seeing right here for some sort of grand bargain for a big deal to address the debt limit here and so far we haven't been doing that. >> and, bianna, i would not count on these guys finally getting their act together in any significant way even if we get a mini deal. thank you very much, both of you. bianna and leigh, thank you for joining us here on "this week." >>> finally your voice this week. today's question comes from crisp ty miller jones who says "my 16-year-old has a twitter account with 34,000 plus followers. where do you see journalism heading in 15 years? what advice to the next generation of journalists would you give? well, thank you for that question, christy. i would say regardless
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